IRS eases tax rule for its multinationals
IRS has temporarily eased a 1988 ruling to make it easier for US multinationals to bring home money from offshore units
IRS has temporarily eased a 1988 ruling to make it easier for US multinationals to bring home money from offshore units
The Internal Revenue Service has issued a rule making it easer for US
corporations to bring home money generated by their offshore subsidiaries, in an
effort to make more cash available during the credit crunch.
The IRS has temporarily widened a 1988
ruling, enabling corporations to borrow money held by foreign subsidiaries
without having to pay the 35% corporate income tax, according
to
Associated Press.
The current rule permits a company’s foreign units to make a tax-free loan to
the parent company provided it is repaid in 30 days. Over a one-year period, the
company can have outstanding loans from its subsidiaries for up to 60 days.
The temporary rule change enables US multinationals to keep cash from a
single loan for up to 60 days and borrow money for up to 180 days in a one-year
period.
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article